174
In forceRelinquishment condition if authority does not include a reduction requirement
Part 10Transitional provisions for 1923 Act petroleum tenures from 31 December 2004
Division 2Relinquishment condition until first renewal after 31 December 2004, and related provisions
174 Relinquishment condition if authority does not include a reduction requirement
(1)
If the authority does not include a requirement mentioned in section 173(1), the relinquishment condition for the authority is the relinquishment condition under section 74A, with the following changes—
(a)
the required percentage is 5% instead of 8.33%;
(b)
the reference in sections 74C(2) to the authority originally taking effect is a reference to the start of its current term.
(2)
Part 6A, division 2, subdivision 1, applies to the authority, subject to the changes under subsection (1).
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